Life sciences is having a moment.
The sector is burning hot right now, in part because of the need for more space to develop COVID-19 vaccines but it was enjoying a steady expansion for several years even before the pandemic.
Because of this, the usual life science markets are facing a ton of competition.
It’s a good problem to have.
(Like going back and forth about what color Ferraris to buy after you win the lottery.)
Seattle, Atlanta, Philadelphia and other markets are now looking to take a bite of the life sciences pie. They’re even starting to have difficulties keeping up with demand.
“There are so many companies looking for space, and we really had to scramble in Philly,” Kate McNamera, who heads real estate planning and development at Philadelphia’s Navy Yard for PIDC, the city’s economic development corporation, told reporter Holly Dutton for her article “Prognosis: Growth Spurt.”
But with all this interest and movement in the sector, investors are worried it might be too much of a good thing.
(Like not having enough space to park all your Ferraris.)
Could all this current interest in life sciences cause a bubble?
Of course, every industry fluctuates. But life sciences has a particular ace up its sleeve: There will always be new diseases for which researchers need to find cures. (Um, hooray?)
“(Medical research will) keep evolving, and we think life science real estate will play an important role in that,” Robert Albro of King Street Properties told Dutton.
Read more about this growing industry in our issue. And let me know your thoughts at Jessica.fiur-cpe-mhn.com.